Yesterday, it was the 33rd largest cryptoassets by market capitalization, today it was 7th, before dropping to the 12th position. Created as a joke in 2013, dogecoin (DOGE), is experiencing a wild ride for the second day now. (Updated at 11:41 UTC: updates throughout the entire text).
At the time of writing (11:33 UTC), DOGE trades at USD 0.04722, crashing from USD 0.782 reached earlier today. The price is still up by 270% in a day and 479% in a week. It rallied by 951% in a month and 1,832% in a year.
DOGE price chart:
As reported, yesterday, the rally started after “WSB Chairman”, who claims to be the “Chairman of WallStreetBets,” the r/wallstreetbets subreddit, with 5.6m (was 4.6m yesterday) users, responsible for the GameStop pump this month, asked about Dogecoin. And it was enough to send DOGE to the top 10 Club in one day.
The Chairman has a question today too:
Because its a meme coin… based off a meme picture of a shiba inu… its infinitely mineable and has next to no use case.
Do with this info what you will
— Dyer The Bullish777 (@Bullishdotio) January 29, 2021
This is the second coordinated DOGE pump in less than a year. Last summer, the TikTok community unsuccessfully tried to lift the price of the coin to USD 1.
DOGE market capitalization (USD 9.3bn) is now bigger than chainlink (LINK)’s (USD 9bn), litecoin (LTC)’s, stellar (XLM)’s. Bitcoin cash (BCH) and binance coin (BNB) have also been left behind.
The 24-hour DOGE trading volume now stands at USD 27.6bn. Earlier today, it was even higher than ethereum (ETH)’s trading volume, which is now above USD 45.5b.
Meanwhile, Google searches for “dogecoin” surpassed “bitcoin” this week.
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Reactions:
Okay I caved and bought the dog stocks lmaoooooo
— Mia K. (@miakhalifa) January 29, 2021
Must be really disruptive for ordinary people trying to use Dogecoin for commerce https://t.co/FPszH6PI3J
— Dan Robinson (@danrobinson) January 29, 2021
Only $79,330 per hour to 51% Attack $DOGE
Whose with me? Melvin?
— Will Foxley 🧭 (@wsfoxley) January 29, 2021
The funniest part of this $DOGE pump is that the creator, Jackson Palmer, absolutely hates capitalism and the free market.
This is eating him alive since he made it as a joke and he didn't want anyone making money off of the project.
¯_(ツ)_/¯— WhalePanda (@WhalePanda) January 29, 2021
If your mooning DOGE in Robinhood, the cash bag might not be there when you land. https://t.co/5RHbq2W4MC
— Dillon Andrew (@anotherexpert) January 29, 2021
For traders: playing the musical chair altcoin rotation *can* make money when the conditions are right.
For long-term investors: playing the musical chair altcoin rotation *will likely not* make money regardless of the conditions.
Important to separate the two.
— Luke Martin (@VentureCoinist) January 29, 2021
WallStreetBets is pushing altseason. Be wary folks. This can end badly for greenhorn retail. You are coming into the middle of a battle between deeply committed warriors like deepf*gvalue and wallstreet the fat cats.
— Ray “Mutabose” Youssef (@raypaxful) January 29, 2021
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Source: Cryptonews
